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Mallinckrodt

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Mallinckrodt PLC
Company typePublic
NYSE: MNK
S&P 500 Component
Headquarters
United Kingdom
RevenueUS$3.347 billion (2015)[1]
US$308.2 million (2015)[1]
Number of employees
5,500 (June 2015)
Websitemallinckrodt.com

Mallinckrodt Pharmaceuticals, based in Staines-upon-Thames, England, with its U.S. headquarters in St. Louis, Missouri, produces specialty pharmaceutical products, including generic drugs and imaging agents.[2]

Mallinckrodt manufactures and distributes products used in diagnostic procedures and in the treatment of pain and related conditions. This includes the development, manufacture and distribution of specialty pharmaceuticals, active pharmaceutical ingredients, contrast products and radiopharmaceuticals. The company employs 5,500 at 47 locations around the world. Net sales were $2 billion in 2011.[3]

History

Early history

In 1867, the Mallinckrodt brothers, Gustav, Otto and Edward, founded G. Mallinckrodt & Co. in St. Louis, Missouri.[4] The Mallinckrodt family had immigrated from Germany, and Otto and Edward both returned to Germany, the leading chemical powerhouse of the time, for advanced training.[5] Mallinckrodt Chemical Works was incorporated 15 years later. By 1898, the company had established itself as a pharmaceuticals supplier and in 1913 became the first to introduce barium sulfate as a contrast media for x-rays.[4]

Nuclear waste in St. Louis, Missouri

Henry Farr and John Ruhoff, technical managers for Mallinckrodt, Inc. were directed by Edward Mallinckrodt, Jr. to develop a chemical process for purifying large quantities of uranium.[6] Uranium purified by Mallinckrodt was used at the University of Chicago Chicago Pile-1, the first nuclear chain reaction. Mallinckrodt also contributed uranium to the Manhattan Project, producing fissionables used in the atomic weapons detonated over Hiroshima and Nagasaki. From 1942 to 1957 Mallinckrodt purified 50,000 short tons (45,000,000 kg) of uranium products at various locations in and around the city of St. Louis.[7] The waste was secretly dumped on Coldwater Creek and in various St. Louis suburbs, including Berkeley, Hazelwood, Bridgeton, and Weldon Spring with the approval of the federal government, which is now taking financial responsibility for the cleanup.[8] The dumping substantially contaminated Coldwater Creek.

Cleanup efforts are now underway by the Army Corps of Engineers.[9] Cleanup sites include the St. Louis Downtown Site (SLDS), where uranium was refined; the St. Louis Airport Site (SLAPS), where waste produced at SLDS was stored; the Hazelwood Interim Storage Site (HISS), where waste from SLAPS was improperly relocated; and the St. Louis Airport Site Vicinity Properties (SLAPS VPs), areas where contamination was caused by relocation of waste. Additional nuclear waste was also illegally deposited at the West Lake Landfill, which has now been designated a Superfund site. Various buildings have been decontaminated and demolished and nuclear material has been excavated and shipped out of St. Louis by covered rail as part of the cleanup process, yet more nuclear waste remains in and around St. Louis.

Recent history

  • 1981 – Mallinckrodt is listed among Fortune 500 companies[10]
  • 1982 – Avon Products, Inc. acquires Mallinckrodt
  • 1986 – International Minerals and Chemical Corporation (IMCERA Group Inc.) acquires Mallinckrodt from Avon
  • 1988 - Malinckrodt featured in NY Times for being the only company to receive an exception from the DEA for cocaine possession/processing.[11]
  • 1995 – Mallinckrodt establishes generic pharmaceuticals business
  • 1996 – Mallinckrodt Inc. acquires maker of urology imaging systems and injectors, Liebel-Flarsheim Co.[12]
  • 2000 – Tyco International acquires Mallinckrodt[13]
  • 2007 – Tyco Healthcare spins off and becomes Covidien, an independent company.[14] The healthcare business units were spun off under the name Covidien.[15]
  • 2011 – Covidien announces plans to spin off Mallinckrodt Pharmaceuticals as a standalone public company[16][17] Mallinckrodt Plc was officially separated as of June 28, 2013. Trading of regular shares of the company’s stock on the New York Stock Exchange began on July 1, 2013, under the ticker symbol MNK.[2]
  • 2012 – Mallinckrodt announces acquisition of CNS Therapeutics for $100 million[18]
  • 2013 – Mallinckrodt spins off from Covidien and begins trading under ticker symbol MNK[2]
  • 2014 – Acquires Cadence Pharmaceuticals[19] and Questcor Pharmaceuticals;[20] joins S&P 500[21]
  • 2015 – Acquires Ikaria Inc. for $2.3 billion[22]
  • 2015 – Acquires Therakos for $1.325 billion[23]
  • 2015 - Sold the Contrast Media and Deliver Systems portion of the portfolio to Guerbet for $270M cash with a loan financed by BNP Paribas [24]
  • 2016 – Acquires regeneratitive medicine company Stratatech[25]

Market

Mallinckrodt markets its products to major wholesalers and retail drug store chains. Imaging products are marketed primarily to physicians, technologists and hospitals, imaging centers, cardiology clinics and radiopharmacies.[3]

Products

Mallinckrodt has two main product lines.[26]

  • Specialty Pharmaceuticals products include branded drugs as well as specialty generics and active pharmaceutical ingredients (APIs). Products include biologics, medicinal opioids, synthetic controlled substances, and acetominophen.
  • Medical Imaging products include contrast media and radiopharmaceuticals for medical imaging applications.

In the fourth quarter of 2014, Specialty Pharmaceuticals accounted for 74% of net sales. Key specialty pharmaceutical products include[26]

  • Acthar gel, an injectable biological drugs used for the treatment of infantile spasms, acute exacerbations of multiple sclerosis, and certain orphan diseases
  • Offirmev is a proprietary IV formulation of acetominophen used in conjunction with opioid painkillers in the post surgical setting.
  • Xartemis XR is a controlled release oral combination of acetominophen and oxycodone for the treatment of acute pain.
  • Exalgo is a once-daily, long-acting form of hydromorphone, another pain drug.

Key generic specialty products include:[26]

Medical Imaging products include Optiray (ioversol injection), an iodide based contrast medium for CT scans, and Optimark (gadoversetamide injection) a Gadolinium-Based Contrast Agent used in magnetic resonance imaging of the brain or liver.

As of 1988, Mallinckrodt was the only company in the US that is allowed to receive cocaine, which it has used to make cocaine hydrochloride, a prescription drug used in hospitals as a local anesthetic by eye and ear, nose and throat doctors.[11]

References

  1. ^ a b "News & Media - Mallinckrodt Pharmaceuticals".
  2. ^ a b c "Mallinckrodt". Wall Street Journal. 1 July 2013. Retrieved 18 July 2013.
  3. ^ a b "Form 10-K". Retrieved 6 November 2012.
  4. ^ a b "SHSMO-St. Louis s0452 MALLINCKRODT, EDWARD, JR. (1878-1967)" (PDF). State Historical Society of Missouri. Retrieved 5 February 2015.
  5. ^ Mercelis, Joris. "Edward Mallinckrodt Sr.." In Immigrant Entrepreneurship: German-American Business Biographies, 1720 to the Present, vol. 3, edited by Giles R. Hoyt. German Historical Institute. Last modified March 10, 2015.
  6. ^ "Tribute to Mallinckrodt Uranium Workers" (PDF). Department of Energy. Retrieved 5 February 2015.
  7. ^ Schneider, Keith. "Mountain of Nuclear Waste Splits St. Louis and Suburbs". New York Times. The New York Times. Retrieved 5 January 2015.
  8. ^ "Mountain of Nuclear Waste Splits St. Louis and Suburbs". The New York Times. March 24, 1990. Retrieved 2015-02-05. Until 1966, Mallinckrodt processed uranium for nuclear weapons at its main plant along the Mississippi River in downtown St. Louis and in Weldon Spring, 25 miles to the west. Under the cover of national security secrecy, the Government authorized the company to dump radioactive wastes quietly in the suburbs, including a 21-acre Berkeley field owned by St. Louis. It is that field and the 61-acre park across the street that the Government is considering for a permanent storage site.
  9. ^ "US Army Corps of Engineers FUSRAP". US Army Corps of Engineers - St. Louis Region. Retrieved 5 January 2015.
  10. ^ "Mallinckrodt: a timeline : Business". Retrieved 6 November 2012.
  11. ^ a b May, Clifford D. (1988-07-01). "How Coca-Cola Obtains Its Coca". The New York Times. ISSN 0362-4331. Retrieved 2016-04-18.
  12. ^ "TIMELINE: Mallinckrodt over the years - St. Louis Business Journal". Retrieved 6 November 2012.
  13. ^ "Tyco to Buy Mallinckrodt for $3.2 Billion - Los Angeles Times". Retrieved 18 March 2013.
  14. ^ "Tyco Healthcare completes spin-off as Covidien - St. Louis Business Journal". Retrieved 6 November 2012.
  15. ^ http://www.reuters.com/article/reutersEdge/idUSN0237854220070702%7C Reuters press release Mon Jul 2, 2007 4:29pm EDT
  16. ^ "Covidien Spinning Off Drugs Unit to Focus on Pain Management - Bloomberg". Retrieved 6 November 2012.
  17. ^ "Covidien to Spin Off Drug Unit". Wall Street Journal. Retrieved 6 November 2012.
  18. ^ "Covidien completes $100M CNS Therapeutics deal - Businessweek". Retrieved 6 November 2012.
  19. ^ "Mallinckrodt plc Completes $1.4 Billion Acquisition of Cadence Pharmaceuticals, Inc". Yahoo Finance. 19 March 2014. Retrieved 10 January 2015.
  20. ^ Armstrong, Drew; Serafino, Phil (7 April 2014). "Mallinckrodt Agrees to Buy Questcor for $5.6 Billion". Bloomberg. Retrieved 10 January 2015.
  21. ^ "Mallinckrodt Set to Join the S&P 500; Rowan to Join S&P MidCap 400; GulfMark Offshore to Join S&P SmallCap 600". Yahoo Finance. 14 August 2014. Retrieved 10 January 2015.
  22. ^ McLaughlin, Kim. "Mallinckrodt Buys Ikaria for $2.3 Billion for Neonatal Care". Bloomberg.com. Retrieved 2016-08-12.
  23. ^ "Mallinckrodt to Acquire Therakos for $1.325B - GEN News Highlights - GEN".
  24. ^ "Guerbet completes acquisition of Mallinckrodt's Contrast Media and Delivery Systems business (CMDS)". www.guerbet.com. Retrieved 2016-03-21.
  25. ^ "Mallinckrodt Plans to Purchase Skin Substitute Developer Stratatech - GEN News Highlights - GEN".
  26. ^ a b c "www.sec.gov".
  • Official site
  • Business data for Mallinckrodt:
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